The Company has received a copy of Letter of Offer dated March 06, 2026
Price
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Awaiting price reaction for this filing.
Lykis Ltd has received the Letter of Offer dated March 06, 2026 in connection with a mandatory open offer by Parshav Vatika LLP (Acquirer) along with K8 Products LLP and Tidagela Ventures Private Limited (PACs). The offer was triggered by a Share Purchase Agreement signed on December 18, 2025, under which the existing promoter Mr. Nadir Umedali Dhrolia is selling his entire 1,30,14,966 shares (67.17% stake) at ₹19.01 per share, aggregating to ₹24.75 crore. The open offer is for an additional 50,37,541 shares (26% of voting capital) at ₹34.50 per share, with a total offer size of about ₹17.38 crore. The offer opens on March 17, 2026 and closes on April 2, 2026. Notably, the offer price of ₹34.50 is at a significant discount to the last traded price of ₹55.79 on BSE (as of March 5, 2026). Post the transaction and full acceptance, public shareholding will fall to 6.83%, below the mandatory minimum public shareholding requirement.
This is a change-of-control transaction where the current promoter is exiting entirely and new promoters will take over the company. For retail shareholders, the open offer price (₹34.50) is well below the prevailing market price (~₹55.79), making it unattractive to tender shares into the offer at the stated price. Shareholders may be better off holding in the market unless the acquirer revises the offer price upward by March 16, 2026.